Optimism Among CFOs Falls Amid Concerns about Tariffs, Uncertainty
Optimism about the economy among CFOs fell in the first quarter of 2025 amid concerns about tariffs and uncertainty, according to the latest CFO Survey.
The economic optimism index fell from 66.0 in the fourth quarter to 62.1 in the first quarter of 2025, almost erasing gains from a post-election jump in the fourth quarter. Optimism about their own firm’s financial prospects also fell, although not nearly as much.
Revisions to The CFO Survey Data
CFO Survey data from Q2 2020 to Q4 2025 have been revised in accordance with an annual revision process. Revised historical data are available for download. Comparisons of revised and previously published estimates are also available.
Historical special question results are unrevised and available on archived quarterly results pages.
For more information on the annual data revision process, please refer to The CFO Survey Methodology.
Special Questions on Hiring and Capital Spending
About a quarter of firms reported that changes to trade policy would negatively impact their hiring and their capital spending plans in 2025. Next to tariffs and trade policy, changes in regulatory policy seemed most likely to affect hiring and capital spending plans, both positively and negatively. Only a few firms reported altering plans due to changes to immigration or corporate tax policy.
For additional discussion of these results, visit our Research & Commentary section.
Special Questions on the International Trade Environment
When asked whether they had taken certain actions due to the current international trade environment, almost 30 percent of firms said they planned to diversify supply chains, 20 percent moved up purchases, and there were some reports of finding new domestic or foreign suppliers.
For additional discussion of these results, visit our Research & Commentary section.
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